§ 4.6.20. Transfer of development rights.

(A)

Concept and purpose. Through a Transfer of Development Rights (TDR), the governing body severs the development rights from the underlying fee interest in the regulated property. Permission is given to the owner of the regulated property to either transfer the development rights in that property to another parcel owned by the regulated party or to sell the development rights to owners of land in other designated areas. The TDR approach restricts development in the owner's parcel, but mitigates the overall harm of the land use control by permitting development elsewhere.

(B)

Procedure.

(1)

Creation. To obtain or create a transferable development right (TDR), the City or the owner of property to be regulated shall proceed through the rezoning process for the purpose of rezoning to either the Community Facilities (CF), Open Space (OS), or Conservation (CD) Zone District, as appropriate depending upon the intended use of the regulated property.

(2)

Concurrent rezoning. When it is intended/desired to specifically determine the receiver property and its proposed development intensity at the same time as a Certificate is issued for the regulated property, a concurrent rezoning of both parcels shall be undertaken. However, such rezoning is not necessary if the receiver parcel is properly zoned and the proposed development will be consistent with the Comprehensive Plan and will meet provisions of the Land Development Regulations.

(C)

Determination of value of severed development rights.

(1)

Value base. The value of the severed development rights shall be equal to current development potential of the regulated property in terms of residential dwelling units or floor area of office space less any compensation, including current and ongoing value of the current use, which is provided by the City at the time of rezoning and/or issuance of a Certificate of Development Rights.

(2)

Value determination. To determine the value of severed rights, the petitioner shall provide a site development plan which will comply with the City's development regulations. The intensity of the use accommodated by that site plan shall establish the base value of the property. From this base value, the ongoing value shall be subtracted. The Local Planning Agency shall determine the appropriateness of the intensity and shall certify it to the City Commission. This information shall be a part of the rezoning review and hearing record.

(3)

Equivalency. Office floor area and residential units can be interchanged at the rate of 2,000 square feet of office floor area being equal to one residential dwelling unit. A conversion from office to residential, or from residential to office, may occur at any time up to the application of the Certificate to a receiver property.

(4)

Certificate. Within the rezoning ordinance, the value of the severed development rights shall be stated. In addition to the rezoning ordinance, the owner of the regulated land shall be issued a Certificate of Development Rights. The Certificate shall be a separate document prepared in a form as approved by the City Attorney. It shall not be issued until the regulated property is rezoned and a determination of value is made. The Certificate is transferable (it may be sold). The Certificate shall provide its owner with a development credit to be used pursuant to Subsection (D). Ownership of a Certificate is not equivalent to a demand of project approval; rather, it allows its owner to seek an increase in otherwise allowed intensity of use

(D)

Limitations.

(1)

Limitations on regulated properties. In order to be eligible for transference of development rights, the resulting use of the "to be regulated" property must be in a manner to advance goals, objectives, and policies of the Comprehensive Plan through:

(a)

Preservation of historic structures and sites;

(b)

Obtaining land for public facilities (e.g. fire stations, tennis courts, water storage tanks, etc.);

(c)

Preservation of designated conservation areas;

(d)

Any time when a voluntary action would aide in fulfilling a policy or objective of the Comprehensive Plan.

(2)

Limitations on receiver properties. In order to apply a TDR to a receiver property, it must be able to be developed in accordance with the goals, objectives, and policies of the Comprehensive Plan. Receiver properties must be located in one of the following areas:

(a)

"Redevelopment (white) Areas" delineated on the Future Land Use Map — in these areas, land use intensities which are greater than those allowed elsewhere by the Comprehensive Plan may be allowed after adoption of, and pursuant to, the area's redevelopment plan.

(b)

Geographic Areas in which height increases are allowed pursuant to Section 4.3.4(J)(4) — in these areas, in addition to receiving an exception to the base district height regulation, the receiver parcel may also receive an increase in development intensity up to the value of the TDR Certificate.